Here's one central bank with plenty of dry powder

One bank that doesn't have that problem is Bank Indonesia, the monetary authority of Southeast Asia's largest economy. Boasting a benchmark interest rate of 6.5%, it has plenty of power in reserve to use if the economy needs a jump start.

Source: Bloomberg, as of October 2016.

This is in stark contrast to many developed economies where interest rates are near, or even below, zero. Such low rates give policymakers little room to move, on top of the fact that negative interest rates are a largely untested policy tool.

The added benefit of easing inflation

Bank Indonesia is in an enviable position for two key reasons.

The first is its key reference rate of 6.5%, down from 7.5% a year ago, but still a long way from zero if the economy slows further. The second is subdued inflation.

As growth eased from 6% in 2012 to 4.8% last year, according to the World Bank, consumer prices fell significantly. And as growth looks set to stabilize, inflation is predicted to remain at a reasonable level.

Inflation is projected to come in at 3.7% this year, and rise slightly to 4.2% in 2017; both years are significantly lower than the 6.4% seen in 2015, according to the International Monetary Fund.

This means Bank Indonesia can afford to reduce interest rates to stimulate growth - if required - without worrying about inflation running too high.

In a slow growth world, this combination of solid growth, interest rates that have room to fall, and modest inflation, may be enough to warrant investors taking a closer look at the local equity market.

If you're looking to access the Indonesian market, consider the iShares MSCI Indonesia ETF (EIDO), or broaden your search to other countries.

EXPLORE: Research other countries in the Worldviews series

MORE: Indonesian stocks' greatest weakness may now be their strength

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